The expected reach is about 85 billion U.S. dollars in 2021 and by 2025 it’s predicted to raise up to 160 billion. On the regional level, Latin America’s eCommerce industry is showing much more competition. The two leading regions are Brazil and Mexico that contributes up to 31% to 28% of the total revenues. Apart from them, Colombia, Argentina and Peru.
While Singaporeans have lived through fluctuating restrictions – like Circuit Breaker and heightened alerts – one thing that has remained constant over the last 18 months is the lifeline to normality that applications and digital services have provided. Whether it’s staying connected to loved ones, ordering food and groceries, work, study, or rest, the role that apps play in our lives has never been more prominent.
Latin America and the Caribbean (LAC) financial institutions have significantly ramped up their adoption of fintech in recent years. Lockdowns, social distancing and the need for e-commerce during the COVID-19 pandemic pushed 40 million Latin Americans to enroll in banks and enabled them to use digital finance channels, e-commerce or credit for the first time in their lives.
The U.S. Senate has passed a bill that could potentially ban TikTok in the U.S. if its Chinese owner, ByteDance, does not sell its holdings within a year. The bill now goes to the President Biden, who has said he will sign it. Court challenges are likely to follow.